How Jobs Revisions Move Stocks, and Your Budget

When the jobs data shifts, a good plan doesn’t

When the jobs data shifts, a good plan doesn’t. If you’ve felt whiplash after a Friday jobs headline, you’re not imagining it. The Bureau of Labor Statistics often revises payrolls, sometimes a little, sometimes a lot, and the story changes. That matters for regular people because paychecks, mortgage quotes, 401(k) balances, and even whether your company hires or freezes all lean on the same signal. One noisy report can nudge rates, tweak stock sentiment, and, if your plan is headline-driven, push you into decisions you regret a month later.

Quick reality check. Jobs data is a moving target by design. First prints hit fast, then get updated as more employer surveys come in. The BLS shows that the average revision from the first to the third payroll estimate tends to be on the order of tens of thousands of jobs, think roughly ~50,000 over the past decade, not zero. And sometimes it’s bigger. In August 2024, the preliminary benchmark indicated payrolls for the year through March 2024 were overstated by about 818,000 jobs (around -0.5%) before the final benchmark hit in early 2025. That’s not just “trader trivia.” That’s the kind of adjustment that filters into bond yields, business confidence, and the tone of your next salary conversation.

Before-and-after is the real point. Before: your budget and portfolio ride every jobs headline, you guess at the right time to refi, and you overspend on discretionary stuff because the labor market “looks fine.” I’ve watched friends blow a travel budget on a strong first print, only to watch revisions show growth was slower and card rates perked up. After: your cash cushion and debt strategy are set for surprises, your asset mix accounts for rate swings, and you adjust spending only when trends, not one noisy report, actually change. That’s the gap revisions create. Closing it is very 2025-core money management.

What you’ll get here is simple, not simplistic. We’ll keep you on a repeatable process that reduces headline risk and respects the gray areas:

• Why revisions matter for non-traders: because mortgage quotes, car loan rates, and employer staffing plans all sync to the same rate expectations that move when payrolls get restated.
• How a repeatable budget/portfolio routine helps: set a quarterly cadence for cash buffers, debt paydown choices, and rebalancing so one Friday morning doesn’t run your life.
• Trend vs. noise in plain English: a 3-6 month average that’s slowing across revisions is signal; a one-off miss with a big upward revision the next month is noise. We’ll spell out thresholds you can actually use.

One more data point that keeps me humble: BLS standard errors mean the true monthly change can easily be +/- 100k or more in a statistical sense in many years. Translation, certainty is sold more often than it’s earned.

Markets this year are living it. Rate-cut odds have swung on every payroll update, which is why 30-year mortgage quotes have wandered in a wide band even when inflation headlines look calmer. It’s messy. I know. I keep a little notepad of “jobs Friday” reactions and, no joke, half of them look silly three weeks later when the revisions land.

If this starts to feel too technical, I’ll flag it. The goal is practical: guard your cash flow, set your debt moves, and let your portfolio reflect the trend, not the tweet. Revisions will keep coming. Your plan doesn’t have to move with them.

What a jobs revision actually is (and why it keeps changing)

Here’s the plain-English version. The first Friday report is a fast estimate from the Bureau of Labor Statistics (BLS) based on a big employer survey. It’s good, but it’s not complete. More employer payroll files show up after the deadline, so the initial number gets two routine updates: one in the following month’s release and a second the month after that. Then, each February, BLS does an annual benchmark revision that lines up the survey to administrative records from state unemployment insurance (UI) filings. Those UI records cover more than 95% of U.S. payroll jobs, which is why that February benchmark can move the level by a meaningful amount if the survey drifted.

A couple stats help anchor expectations. The BLS publishes standard errors showing the true monthly change can be roughly +/- 100,000 jobs in a statistical sense in many years, which means one month can look hot or cold and then cool off on revision. Also, BLS’s two-month net revision line, literally a line in the tables, often lands in the tens of thousands either way. Not shocking, not scandalous, just the cost of measuring a $28 trillion economy in real time.

Timing matters, too. The monthly cycle works like this:

• Initial estimate: published for month T in early month T+1.
• First revision: arrives in month T+2 as late survey responses are incorporated.
• Second revision: arrives in month T+3, giving you a “third” estimate that becomes the official tally until the annual benchmark.
• Annual benchmark (February): aligns levels to UI tax records, recalibrating history (usually through the prior March).

Last year (2024) gave a clean reminder: several late-2024 reports were revised lower in subsequent releases, nudging the trend down even though the initial headlines felt fine at the time. The trend mattered more than any single print then, and same story now. This year (2025), markets are watching whether revisions are confirming a cooling in payroll gains or a re-acceleration off the summer. Rate-cut odds, the 10-year Treasury, and yes, your 30-year mortgage quote, can all swing on that direction-of-travel question, not just the first Friday splash number.

Why should households care? Because the revision path changes expectations. If revisions lean softer, rate expectations ease, borrowing costs can drift down, and job switching might slow. If revisions lean stronger, the opposite, firms keep hiring at a clip, the Fed stays patient, and risk assets can rally even if that means mortgages stay sticky for a bit longer. It’s exactly the kind of gray area that hits both stocks and household budgets, how jobs revisions impact stocks and household budgets isn’t abstract, it shows up in your refinance math and your bonus talk.

One last practical note. I’ve literally rescheduled client calls on “jobs Friday” because a harmless-looking report got a chunky downward revision the next month that flipped the market narrative. It felt silly in the moment, but it wasn’t: the revision told us the trend had shifted. Same idea said twice because it matters, the trend, not the tweet. Stick to that and your plan won’t whipsaw every time the BLS cleans up its spreadsheet.

Why traders care: revisions move rates, and rates move stocks

Here’s the simple chain: payroll revisions reshape the growth narrative, the growth narrative resets the expected path of Fed cuts, and that repricing hits Treasurys first and equities right after. In 2025, that’s been the movie: softer two‑month revisions usually tug the 2s/10s lower, while firmer revisions keep cuts priced later and push yields up. Not theoretical, duration math bites fast. A 10-year note with an effective duration near ~8.5 will move roughly 0.85% in price for a 10 bp yield move; stretch that to 30 bps on a weak revision month and you’re looking at ~2.5% on the benchmark, which bleeds straight into equity factor performance.

Rates into equities is where it gets real for portfolios. Lower yields tend to boost long‑duration equities, mega‑cap growth, software, even the AI beneficiaries that trade like 15-year assets. Homebuilders, too: mortgage spreads aren’t 1:1 with the 10‑year, but a quick rule-of-thumb is that a 10 bp drop in the 10‑year often shows up as ~5-8 bp in the 30‑year mortgage rate within days. On a $400k loan, a 20 bp mortgage-rate drop cuts the monthly by roughly $50-60, which sounds small until you annualize it and layer on builder incentives; affordability optics improve, traffic improves. Flip it and higher yields tend to help value/cyclicals, energy, materials, some industrials, while pressuring high-duration tech and housing.

Banks and lenders live in the spread. Softer revisions → lower yields → pressure on net interest margins, especially for regionals that can’t reprice deposits as quickly. Stronger revisions that keep the Fed on hold longer can steepen the curve a touch and help some NIMs, but watch funding costs; last year’s deposit wars didn’t vanish. Small caps sit in the crossfire. They need growth and they need manageable borrowing costs; when revisions flip the story from “soft landing” to “late-cycle stickiness” or back again, they take a double hit or a double boost, and it happens fast, like same week fast.

Traders care because the second derivative drives the tape: not the level, the change in the trend.

What I watch, in plain English: the two-month net revision in nonfarm payrolls, the immediate 2s/10s reaction (is it 6-12 bp or a nothing-burger), and then factor tape: growth vs value, high vs low beta. Options and vol tell you how crowded the bet is. Around jobs weeks, you’ll often see clustered moves in implied vol, front-end equity vol up 1-3 points into the print, term structure kinks, skew gets bid in rate-sensitive tech. That’s not mystical; dealers hedge into known catalysts and unwind right after if the revision doesn’t break the trend.

• Homebuilders: benefit when revisions run softer and yields slide; watch mortgage apps and builder incentives.
• Banks/Regionals: prefer firmer revisions that keep curves from re-flattening; mind deposit betas.
• Small caps: need both growth and cheaper capital; revisions that cool growth while keeping rates high are the worst mix.
• Rate‑sensitive tech: cleanest beta to lower yields; be careful on days when revisions surprise strong, duration gets hit.

I’ll repeat myself because it’s saved me from dumb trades: it’s the trend, not the headline; the revision trend, not the one-and-done print. And I say this with some humility, I’ve traded this stuff for two decades and still keep a sticky note that says, “yields lead, stocks follow (usually)”; the parenthesis matters because markets, occasionally, have a sense of humor.

Paychecks, prices, and your rent: how this filters into household budgets

When labor data get revised softer, it doesn’t just ping the 10‑year. It nudges real household cash flow. How? Slower wage growth, tighter bonus pools, fewer hours for hourly and gig workers, and, quietly, less pricing power for landlords and some lenders. The mix is what matters. Your budget isn’t the S&P; it’s the combo of pay, prices, and job stability, in that order on most kitchen tables.

Some grounding data helps. The Bureau of Labor Statistics showed average hourly earnings up 4.1% year‑over‑year in December 2024. That was running ahead of headline CPI at 3.4% YoY for the same month, which meant a bit of real wage tailwind to end last year. Into this year, the Employment Cost Index cooled to roughly the high‑3s year‑over‑year by Q2 2025 (BLS ECI), a step down from 2022-2023 heat. On the price side, inflation is still sticky but cooler than the peaks; rent inflation in the official CPI is easing with a lag while private measures show a flatter tape, Apartment List’s national index was roughly +1% year‑over‑year by August 2025. Translation: raises are still there, just a touch thinner, and rent growth is no longer sprinting.

Do paychecks react to headlines? Not really. Raises and bonuses are sensitive to labor momentum over quarters, not days. If revisions keep telling a softer story for a few months, comp committees and store managers respond: bonus pools shrink at the margin, merit bumps tick from 4% to 3%, and equity refresh grants get trimmed. I’ve sat in those meetings; nobody rewrites the plan after one print, but three softer quarters gets attention.

Hourly and gig workers feel it first through hours, not rate. That’s the lever managers pull on Monday morning. Is that fair? Maybe not. Is it real? Yes. JOLTS still shows a low layoffs rate near ~1% in mid‑2025, but openings have cooled from the 2022 peak, so the ease of hopping jobs has faded. That makes overtime more precious and weekend shifts less predictable.

Real household cash flow ≈ Paychecks, Prices, Rent, Debt service. Small moves in any one of these can matter a lot, but the trend across all four really drives stress or relief.

Hiring freezes can show up before layoffs. Watch your own shop’s internal signals: are req approvals taking longer, are contractors quietly rolled off, is travel getting “temporarily” restricted? Those are the yellow lights. If you see two or three of them, assume bonus math is getting tighter and plan your budget with a haircut.

Landlords? They read the same tape. When wage growth cools and concessions creep up, rent hikes moderate. In many Sun Belt submarkets, listed rents are flat to up low‑single‑digits year‑over‑year right now, which gives you a little negotiating use at renewal, especially if vacancy in your building is visibly higher. Lenders behave similarly: a softer labor path plus lower market yields can reduce card APRs at the margin and improve refi math on autos, though banks are choosy after last year’s credit normalization.

What to do with your budget, practical, not pretty:

• Split spending into two buckets: essentials (rent, utilities, groceries, minimum debt) vs. flexible (dining out, streaming, travel). It sounds basic, but the clarity helps you react quickly when hours woble.
• Auto‑save that flex: tie a percentage auto‑transfer to paycheck amount, not a fixed dollar. If income dips 8%, the auto‑save and discretionary category both scale down automatically.
• Protect your overtime: treat OT and gig surge pay as irregular. Save 50-70% of it. Why? Because hours get cut before wages do.
• Pre‑negotiate: 60 days before lease renewal, ask about concessions. With private rent growth near ~1% YoY (Apartment List, Aug 2025), you’ve got room to push for a smaller increase or a free month.
• Debt service check: if you hold variable‑rate debt, run a simple stress test: could you handle +1% rates or a 10% hours cut? If no, move aggressively to pay down balances while hours are good.

Quick pulse check, are you better or worse off than last year? If your raise came in around 3-4% and your rent barely moved, you’re slightly ahead, even with groceries still sticky. If your hours slipped 5-10% and your lease jumped, you’re behind. Same story said a bit differently: your “personal real income” is the referee, not headline CPI, not the payrolls print.

And yes, I’m a little too animated about this stuff because I’ve watched decent families get whipsawed by hours, not wages. Soft revisions cool the economy with a gentle breeze at first; wallets feel that breeze quickest through the schedule, then the paycheck, then the rent notice. Keep the playbook handy.

Read the report without getting whipsawed: a simple playbook

You don’t need a terminal or twelve screens. Keep five gauges on your clipboard and you’ll beat most hot takes on X by lunch.

• Three‑month average payrolls: single prints are noisy. The three‑month average smooths strike noise, weather, and one‑offs. As a rule of thumb, a steady 150k-200k average points to a cooling but still expanding labor market; sub‑100k for a couple months says demand is fading, and north of 250k for 2-3 months tells you momentum is re‑accelerating.
• Net revision to the prior two months: add the +/‑ changes to the last two months. If the headline is +240k but revisions are ‑160k, that’s a mixed signal, not a victory lap. This matters because the BLS always revises: first estimate, then a second the next month, then a third. Historically, the first‑to‑third estimate tends to shift by tens of thousands, BLS documentation shows average absolute revisions in the ballpark of ~40k over long samples, so don’t marry the first print.
• Unemployment rate with participation: pair the U‑3 unemployment rate with the labor force participation rate (LFPR). A tick up in unemployment is less scary if LFPR rises (more people looking). A rise in unemployment plus a flat or falling LFPR is more concerning. It’s the combo that tells you if slack is real or just people re‑entering.
• Average hourly earnings (AHE), monthly and yearly: wages are the bridge to real purchasing power. AHE year‑over‑year peaked at 5.9% in March 2022 (BLS), then cooled toward ~4% by late 2023. Compare AHE to inflation to infer real wage growth. When wage growth beats inflation, households breathe. When it lags, they trim discretionary first, then big‑ticket stuff.
• Diffusion index: this shows how broad the gains are across industries. 50 is the neutral line, above means more industries adding jobs than cutting; below means the opposite. Narrow gains with weak diffusion often fade; broad gains tend to stick.

Here’s the simple decision tree I use on the desk (and yeah, I scribble this on a notepad):

1. Start with the three‑month average. Is it rising or rolling over?
2. Check the net revisions. Big negative revisions can flip a hot headline into a meh report. Example: headline +220k, net revisions ‑180k, three‑month average barely budges, call it mixed.
3. Look at U‑3 with LFPR. If unemployment nudges up 0.1-0.2% and participation jumps, that’s not a fire drill. If unemployment rises while participation falls, that’s slack you can’t hand‑wave.
4. Scan AHE m/m (annualized) and y/y. A 0.3% m/m pace (~3.6% annualized) with inflation running closer to 3% is mildly positive for real paychecks. AHE at 0.2% with sticky 0.3% CPI? Households feel squeezed.
5. Confirm with diffusion. If the headline and revisions are strong and diffusion is >55 for a couple months, that’s momentum. If diffusion drifts toward 50 while goods is negative and services barely positive, breadth is thinning.

Two‑to‑three months pointing the same way is trend‑worthy. One month is just chatter.

Why I harp on revisions: households and stocks both react to the final reality, not the first draft. In 2022, headline inflation ran hot (CPI y/y hit 8.6% in June 2022) while AHE y/y peaked at 5.9% in March 2022, real wages were negative, and you saw discretionary spend pull back. Last year, as wage growth cooled toward ~4% and inflation eased, real pay stabilized and spending patterns improved. Markets still swing on NFP Fridays, Treasuries can move 10-15 bps in an hour, but the lasting move usually lines up with the three‑month average and the revision trend, not the first print.

One last thing I’ve learned the messy way: if the headline screams hot but net revisions are soft and diffusion is slipping, fade the heat. If both the three‑month average and revisions point the same way for 2-3 months, lean into it. Simple, not easy, but it keeps you from getting whipped around by every push alert.

Practical money moves for 2025 when revisions rock the boat

Okay, brass tacks. Action beats opinions, and revisions keep reminding us who’s boss. The Bureau of Labor Statistics has shown for years that the first payroll print isn’t the final word, historically, the average revision from first to third estimate runs on the order of ~40k jobs per month (BLS historical tables). And we all remember the 2022 setup from earlier: CPI hit 8.6% y/y in June 2022 while average hourly earnings peaked at 5.9% y/y in March 2022, real wages went negative, spending cooled. Point is, the “final reality” is what hits portfolios and household budgets. So, here’s how I’d tee it up now, with 2025 still throwing mixed signals month to month.

If revisions keep softening (three-month average easing and net downward revisions):

• Bonds: Consider extending duration gradually, think moving core bond exposure from ultra-short toward intermediate in 10-20% increments. No need to be a hero; scale it.
• Rates you pay: Lock in fixed rates where it’s sensible. If you’ve got a HELOC or a floating student loan, start looking at refi options while lenders are still quoting reasonable spreads. Even a 50-75 bps cut from here (if we get it later this year) doesn’t help if your credit spread widens.
• Safety net: Pad the emergency fund to at least 6 months of expenses. Softening labor trends raise layoff probability at the margin; cash buys time and choices.

If revisions firm up (positive net revisions, diffusion stabilizing):

• Cash yield: Keep a chunk in T‑bills or HYSAs for optionality. Cash rates in 2025 remain high relative to the 2010s (that spread matters). I like 3-6 months of expenses in liquid buckets; top up opportunistically.
• Equities: Lean toward quality cyclicals, industrials with pricing power, semis tied to real demand (not just hype), and banks with cleaner deposit betas. Keep value tilt modest; avoid chasing beta on one hot print.
• Debt check: Review variable‑rate exposure. Firming growth can keep term premia sticky even if policy edges down, meaning some floating rates don’t fall as fast as headlines imply.

Either way, non‑negotiables:

• Automate savings so you don’t “forget.” I bump my transfers the day after payday, tiny admin hack that has saved my future self more than once.
• Keep 401(k) contributions steady. Revisions will mess with sentiment; your contribution schedule shouldn’t care.
• Avoid lifestyle creep on one good month of data. Net downward revisions have erased many “great” payroll headlines a month later; BLS benchmarking did just that multiple times last year. Don’t anchor to the first draft.

Scenario planning checklist (because I’m a checklist person):

• Labor trend: Track the three‑month average plus cumulative revisions. If both point the same way for 2-3 months, adjust risk one notch in that direction.
• Debt: Prioritize variable‑rate paydowns first. Then evaluate refi windows, especially if your remaining term is long and break‑even costs pencil out within 24-30 months.
• Cash: T‑bills/HYSAs for flexibility. CD ladders only if you truly won’t need the liquidity (I’ve broken CDs before; the penalty stings and the timing is always bad).
• Portfolio: Use rebalance bands (say ±20% around target weights). Don’t rewire the allocation on “report day”, give it at least a week to see the revision chatter and rate path repricing. I’ll come back to taxes in a second, but wash‑sale rules can trip you up if you’re whipsawing.

One last reminder I tell clients and, frankly, myself: the market can move 10-15 bps in Treasuries in an hour on NFP Friday, but your plan lives for quarters and years. Keep the plan steady; let position sizes be the variable, not the process.

Noise-proof your finances: steady wins the decade

Noise‑proof your finances: steady wins the decade

Jobs data will keep zigging and zagging. Revisions aren’t bugs; they’re a feature of how the sausage gets made. The BLS even tells us this. To put a number on it, the Bureau reported that from 2005-2014 the average absolute revision from the first to the third payroll estimate was about 46,000 jobs. That’s not yesterday’s stat, but it’s directionally true and still useful: first prints are noisy; the truth lands later. Which is why process beats prediction, especially with labor data that routinely gets a second and third pass.

Make your money system durable enough that a headline doesn’t become a decision.

How do you make it durable? Start with cash flow you can trust even when the spreadsheet lies to you for a month.

• Process over predictions: Treat every first Friday number as provisional. Don’t re-aim your portfolio because payrolls missed by 60k; that’s within historical revision “jitter.” Wait for trend, not a print. I know, patience is boring, but it works.
• Budget triage: Separate must‑haves (housing, utilities, groceries, insurance, minimum debt service) from nice‑to‑haves (subscriptions, upgrades, travel extras). I tell clients: defend a 3-6 month runway of must‑haves in cash equivalents. The nice‑to‑haves flex first when hours get cut or bonuses slip.
• Stick to allocation rules: Keep your target mix and use rebalance bands you set when you were calm. Adjust only when the trend changes, think rolling 3-6 month signals or a policy shift that’s actually in force, not rumored on a Tuesday. If labor is softening on a three‑month basis and credit spreads are widening, you can shift a few percent, but don’t tear down the house.
• Smart debt choices: Match rate risk to income risk. Variable‑rate balances get priority when the front end is jumpy. If fixed‑rate refis pencil out with a 24-30 month break‑even, take the certainty and move on. I’ve held out for an extra eighth before and, yea, regret it.
• Diversify the shock absorbers: Mix assets that respond differently to growth and inflation surprises, quality equities, IG bonds with some duration, a dash of TIPS or commodities if that fits your plan. It’s not exciting; it’s effective.

Quick reality check on markets right now: rate futures this year have been whipsawing with every payroll whisper and every CPI decimal, and Treasuries can move 10-15 bps in an hour on jobs day. That’s fine. Your household isn’t a macro fund. Your edge is being the investor who makes one good decision and repeats it, monthly, quarterly, annually, without letting a noisy headline turn into a panicked trade.

I might be oversimplifying, but here’s the mindset that’s saved me and a lot of clients over the years:

1. Decide the rules when you’re calm.
2. Automate what you can (savings, rebalances, debt paydowns).
3. Only change the rules when the world changes, not when the data release changes.

Consistency over precision. Get the big levers right, cash buffer, sensible debt, diversified allocation, risk guardrails, and keep pulling them the same way. If the next jobs revision knocks headlines around, it should be just that, a headline. Not a budget crisis. Not a forced sale. Not a sleepless night.

Frequently Asked Questions

Q: Should I worry about one big jobs headline moving my mortgage rate this week?

A: A bit, but don’t let one noisy Friday run your life. If you’re closing in 30-45 days and a hot print pops rates, consider locking. If you’re months out, watch the trend across 2-3 reports and revisions. Build a buffer: price your payment at +0.50% higher than today’s quote, so you’re not scrambling if the next revision surprises.

Q: How do I adjust my budget when jobs numbers get revised?

A: Treat revisions as a reminder to make your plan revision-proof. 1) Cash: keep 3-6 months of expenses; contractors go 6-9. 2) Debt: pay down variable-rate balances first (cards, HELOCs). 3) Spending: add guardrails, cap discretionary at, say, 20% of take-home when payroll trends soften. 4) Signals: use a 3-month average of nonfarm payrolls and look for direction, not a single print. 5) Income risk: delay big-ticket purchases until two reports confirm the trend. Boring, yes. Effective, also yes.

Q: What’s the difference between the first jobs print and benchmark revisions, and why do stocks care?

A: First prints are quick survey reads, fast, useful, often wrong in the details. Monthly revisions fold in late employer responses. Benchmark revisions are the heavy lift: an annual recalc using unemployment insurance records. Case in point: in August 2024, the preliminary benchmark suggested payrolls through March 2024 were overstated by about 818,000 jobs (~-0.5%). Stocks and bonds react because these changes recalibrate growth and rate expectations, which feed earnings, multiples, and yields. Sentiment swings, pricing follows.

Q: Is it better to change my asset mix after a surprise jobs print or wait for revisions?

A: Nine times out of ten, wait. The first payroll estimate is a sketch, not the portrait. The BLS has shown average revisions of roughly ~50,000 jobs from first to third estimates over the past decade, and we saw a big one last year, the August 2024 preliminary benchmark implied payrolls through March 2024 were overstated by ~818,000. That kind of shift can flip the rate narrative, and I’ve seen investors whipsaw their portfolios on the initial number, then regret it when the story gets rewritten.

Here’s a practical playbook I use with clients (and honestly myself):

• Define your policy: target mix, plus 5% bands. Rebalance on quarter-end or when a band is breached, not because of one headline.
• Use trends: wait for 2-3 months of payroll data and at least one revision. Pair it with unemployment and wage growth (ECI or average hourly earnings) to confirm direction.
• Rates lens: if the 3-month payroll average is decelerating and unemployment is edging up, extend bond duration modestly; if it’s accelerating with firm wages, keep duration neutral/short. Small tilts, not hero trades.
• Tax-smart execution: harvest losses to fund rebalances; avoid short-term gains if you can.
• Cash cushion: 6-12 months of withdrawals for retirees, so you’re not forced to sell risk assets into a bad print.

Net-net: set rules, let the data settle, and make measured adjustments. Knee-jerk shifts to stocks or bonds on a first Friday number are how good plans go sideways.

@article{how-jobs-revisions-move-stocks-and-your-budget,
    title   = {How Jobs Revisions Move Stocks, and Your Budget},
    author  = {Beeri Sparks},
    year    = {2025},
    journal = {Bankpointe},
    url     = {https://bankpointe.com/articles/jobs-revisions-stocks-budgets/}
}